What Goes Up

The article discusses the process of managing an elevator replacement project in a condominium. The author shares a specific case study of a condominium building with an aging elevator that needed replacement. The building's board of directors and property manager navigated through the challenges of financing, expert consultation, decision-making, and communication with residents. The author emphasizes the importance of creating a "dream team" of experts, including an elevator consultant, financial advisor, engineer, and lawyer, to oversee and execute the project successfully. The article highlights the steps involved in arranging financing, updating the Reserve Fund Study, holding information meetings for owners, passing a Borrowing Bylaw, and managing communication throughout the process.